704: A Son Saving His Mom With Health Tech Product That Recognizes Seizures

Eric Dolan. He’s the co-founder and CEO of Neutun. He has 5 years of startup experience and business management experience. He also has data science experience with a focus on product development and management. In 2014, his team received an award for Best Smartwatch App in the Hack the North Competition in Canada. Recently, Eric was named INC’s 30 under 30, a list that recognizes the best young CEOs in America. He received his bachelor in business administration from University of Western Ontario and his post graduate specialization certificate from the University of Minnesota School of Public Health, New York University School of Business and John Hopkins University.

Famous Five:

• Favorite Book? – The Hard Thing About Hard Things
• What CEO do you follow? –  Jeff Bezos
• Favorite online tool? — Mixmax
• How many hours of sleep do you get?— 6-8
• If you could let your 20-year old self, know one thing, what would it be? – “Go more towards your business and tech side, that’s where you’re going to make more money”

Time Stamped Show Notes:

• 00:50 – Nathan introduces Eric to the show
• 01:42 – Eric is a Canadian and has been in US for 1.5 years
• 02:11 – Eric is currently in Canada during the interview
• 02:35 – Neutun is a software that makes it easier for patients to keep track of chronic diseases
• 02:44 – Eric’s mom has epilepsy and it was difficult for them to manage the seizures and medications
• 03:06 – Neutun keeps track of the seizures and manages the medications on time
• 03:28 – Neutun is device-agnostic
• • 03:37 – It allows users to use their existing smartphone to track
• 03:45 – Neutun makes money through lead generation
• 04:17 – Eric is looking at a million dollar runway for 2017
• 05:09 – Neutun’s revenue is predictable for a SaaS business
• 05:56 – Neutun’s initial model was a lead generator for pharmaceutical companies
• 06:02 – In the long term, Eric wanted Neutun to transition to a market-intelligence company
• 06:14 – Neutun wanted to address all chronic diseases
• 06:30 – Neutun has 10K organic users
• 07:15 – Neutun was launched late 2016
• 07:47 – People find Neutun mainly from word-of-mouth
• 08:18 – There are also doctors who are recommending Neutun
• 08:38 – Neutun makes money through scripts or prescriptions
• 09:08 – Average amount per script
• 10:23 – Neutun tries to benefit the user as much as possible
• 10:46 – Neutun also suggests sponsored medication
• 11:06 – Average medication expenses of a patient
• 11:42 – Neutun is almost similar with tracking steps
• 11:53 – Through Neutun’s algorithms and AI, it can detect a seizure
• • 12:11 – Then the recording will start
  • 12:44 – Tracking the seizure is important for doctors
• 12:58 – With Neutun’s data, doctors can prescribe more accurate medications
• 14:10 – The only way to prevent seizures is to do what doctors tell you to do and take the medications
• 14:37 – Neutun was initially bootstrapped
• 14:56 – Neutun has raised a million on a kiss convertible note
• 15:33 – Team size is 7
• 16:50 – The Famous Five

3 Key Points:

• If patients can track their seizures accurately, doctors can prescribe a more appropriate prescription.
• The advancement in technology is benefitting the health industry in many ways.
• Go where you can earn well.

Resources Mentioned:

• The Top Inbox  – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens, and follow-up with email sequences
• Klipfolio – Track your business performance across all departments for FREE
• Hotjar – Nathan uses Hotjar to track what you’re doing on this site. He gets a video of each user visit like where they clicked and scrolled to make the site a better experience
• Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
• Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible
• Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5-hour drive) to listen to audio books
• Show Notes provided by Mallard Creatives